BEFORE YOU OPEN AN NRE OR NRO BANK ACCOUNT, WATCH THIS || TIPS FOR NRIs

[@RitwikBanerjee]

The 8 points discussed in this video are as follows: 1. Deposit Currency 2. Taxes on NRE and NRO 3. Return on Investment 4. Repatriability 5. Conditions - When to open which 6. Joint account 7. Is it possible to open both NRE & NRO 8. Fund transfer from NRE to NRO - is it possible?

[@rajreeta2485]

Very Informative Sir!

[@linarose6960]

Dear sir, could you please expand on your last topic of sending money to India if we own a loan account. I do have a loan with my SB account, and I sent money to my parents Indian SB account to support my family. Will their account be taxable. Say if I sent 1 lakh INR per month, how does this reflect on their account if they don't maintain this amount, instead they pay my loans at once I send. Please reply

[@dereksilvers9177]

for example if minimum maintaining balance is 10000INR then it should be 10000INR for both NRO and NRE each or the total balance of both the accounts should be 10000INR. Please clarify sir

[@prabu708]

Point no:08 its little confusing because of I was using SBI NRE account- How I can transfer to NRE to NRO account. ( internet banking tried its showing only NRO account transfer section )

[@DivyangM]

You are saying in the NRO account, taxes on interest earned is very high (around 30%) but what about the income you earn? How much tax is on your let's say business income?

[@sachinsmehta]

Hi, one thing I would like to clarify here is about NRE interest. NRE is tax free in India but capital gain(for example interest earned from NRE acount) has to pay at the country you are living. FYI, I have not mentioned FD interest earned on NRE account in Germany for last 10 years with the same assumption that NRE interest is tax free, at the end I have to pay it back with heavy penalty and also interest at 6%. Please do not misguide people by providing partial information.

[@ankurrenukavlog5272]

But your country in ur case is Germany you are paying taxes on the income earned there. Then why there is requirement to pay tax again

[@vaibhavvaishnav6704]

what happens if I transfer money from outside India to an Indian savings account (my own) which is neither NRE nor NRO? is it taxable ?

[@alwayscuriousbutsad6584]

same question

[@mdf345]

same question

[@chinnur1569]

Same question. Waiting for your reply.!!! Thanks in advance.

[@sandm6784]

It will come into your ordinary account but you might pay taxes on that money if it’s over 5lakh/year

[@ashishnambiar7131]

Thank you for the explanation, very insightful!

[@dereksilvers9177]

for example if minimum maintaining balance is 10000INR then it should be 10000INR for both NRO and NRE each or the total balance of both the accounts should be 10000INR. Please clarify sir

[@linkbombchu168]

Can you use UPI/Paytm/Google Pay etc. with an NRE or NRO account? That's the main reason for me to open it.

[@starlite7785]

I have an NRO account with HDFC. Someone sent me 15000 rs in rental payment via Google pay. Money was instantly credited however 3 days later bank emailed me to ask source of funds for that transfer. I've had similar payments in past but nobody asked. Just wondering why this time?

[@Lamp141]

Hi please, What is the maximum daily or monthly ATM withdrawal limit from HDFC Bank NRE account in India?

[@rahuljadhav478]

Hi..is there any compulsory requirement to open both NRE and NRO account for NRI whor earns income in foreign..as one of bank have suggested that both account have to open and maintain minimum balance in both account..kindly help...

[@srikanthpadava3834]

What would be tax exemption limit on a joint NRO account? Is it still 2.5 lakhs? For example if i have a joint nro account for me and my wife (both are NRIs) is the tax exemption limit 2.5 lakhs or 5 lakhs for this particular account?

[@akhil123456000]

Awesome information, one additional point is the interest earned in NRE account is taxable in foreign country if it exceeds a certain limit. And I think the limit is very small amount in most of the countries

[@ashenics]

Yes $10 in USA to report to IRS

[@adange11]

​@@ashenics 10k not 10

[@mondalsubham5295]

Sir can I open two Nri account on different bank ???

[@letssee5430]

What if ? I want to send money to India and then put that money in share market. What account should I be opening |?

[@2002drkrish]

Very useful information Ritwik. Thank You so much.

[@madanmohanchaube]

Good video specially after 6:35 which is the most important question

[@karimbouabdallah2750]

Hi Ritwik and thank you for this nice video. I need you advice on something : I'am a foreign non resident and I'd like to create a bank account in India with an Indian Visa Card to basically pay with my card and eventually receive money on it. Is if possible to create that account online ? .. And if yes, which bank should I choose to have the lesser fees. The amounts of the incomes/outcomes are not very important, less thank 2 or $3.000 / year. Thank you

[@vamsikrishna8876]

Thanks Simple and straight...

[@skn2228]

If I have multiple accounts like savings and FD accounts in other banks before becoming NRI or opening NRO/NRE account then should I convert all those accounts and deposits ? What is the procedure?

[@spcs999]

If I take an international credit card in my nri account, can I pay it's bill using funds from my nro account of same bank?

[@amittanti]

Thankx bro cleared all my confusions.

[@yashchoudhary8918]

Extremely disappointed to learn that a close relative can only be your wife and not birth parents. /s

[@RitwikBanerjee]

I know right. Such a lame thing.There are petitions to change this. No luck.

[@surajitchakraborty1903]

Hi, Once funds are transferred from NRO to NRE, do the funds become liable to tax in the country of my tax residency ?

[@kl-3635]

Hi sir I have a doubt,I am a NRI in europe,I am sending money to nre account through ria money transfer .it's not from my bank account.later can I repatriable or not??

[@GoodVibesOnly76]

How do we pay the taxes on interest earned in NRO account ? Is there a situation when an individual would have to travel back to India to pay the taxes on NRO account interest ?

[@tia7765]

I was wondering about that do we need a CA for this? Or is the TDS enough which gets debited automatically once interest is in.

[@gajananramchandrakakde3691]

Can we transfer money from NRE TO SAVINGS AC with anyone ?

[@sreetharsree763]

What if my friend transfer money to my NRO account? Will there be any tax considering it as income?

[@debjyotikanjilal2610]

Sir What needs to be done with Post Office Savings account, Post Office MIS account and Atal Pension Yojana when one becomes NRI. Regards

[@rashmitanshah]

Hi Ritwik , pls pls help me. I have NRE account. I transferred some of the fund to buy a property but due to my health I had to cancel the contract. The money I transferred from NRE account was in rupees so I am getting my money back in rupees. Will I be able put rupees fund back into NRE account.

[@reemanaik1825]

Thank u boss. It was great. Thank u very much

[@SawaadeAzam]

Can an NRI continue to use existing saving bank account? If yes then what about if he transfer money to that SB account, is it taxable and is there any limit to deposit.

[@Saibaba0428]

Hi Ritwik I have NRO account in india May I able to is to issue check to my relatives

[@subhasish17]

Very informative video.. once question.. what happened with my existing Bank accounts? Eg. I have accounts in Hdfc , Axis Bank. But I open NRE and NRO account in ICICI Bank

[@johnny4183-y8d]

Hello, very god information thank you, I have a question , lets say , I have NRE account and I can send money to my friend from NRE account but if my friend wants to return money back into my NRE account is that possible with no interest to pay ?

[@omprakash187]

is it possible to transfer money from NRE account to Local Indian bank Account

[@69from]

For what taxes? Every incomes? Or for holding? Or 30% from profit of deposit?

[@frankro1]

I am a US Citizen of Indian origin born and raised in India. Can I open an account in India. Do I need OCI or pan card?

[@sandip6272]

Thank you so much, this was very helpful.

[@RitwikBanerjee]

Glad i could help

[@punitshetty8814]

Great job, video was very informative 👍

[@dpfrmhell]

Hi Ritwik, thanks for the information! I have to invest my foreign earnings in Indian mutual fund (I already have my mutual fund linked to savings account). Should I then send money from foreign account to NRE account, and then from NRE account to savings account?

[@harshdalal2891]

bro, did you figure this out ?

[@Akhil_Explorer500M]

Can I transfer money from international bank account (singapore bank account) to NRE account

[@harikrishnanp9099]

very informative! Thank you.

[@dylanfernandes342]

Hi Ritwik, thnx for the informative video. How does the nominee thing work. So can i keep my parents in India as nominees of my NRE account.

[@rachnabhatnagar9359]

Thanks Ritwik for informative points on NRO and NRE, what i gathered by using netbanking i can convert my saving account to NRO, for NRE i have to open different account??? tell me how can my Mutual funds, SIP, shares thing get transfer/ procedure for that??? how can i change my name in my saving bank as i am married now. if you can suggest, thanks in advance

[@nishantbafna9333]

Very informative and excellently explained. 👍🏼

[@travellingforpeace1289]

What happens to my fixed deposit and national saving scheme in post office I invested in this n now I'm going abroad what should I do

[@navalfa7291]

Consider it gone.

[@Sandeep-iv1qe]

This is quite informative, #ritwikbanerjee. Can we transfer from NRE account to normal domestic savings account? If so, any taxes/charges apply? Thanks in advance

[@jacquelynbradleynelson7665]

I just put money in 500 in Inr how can I get it back?

[@yashjivani461]

hello mr Ritwik Banerjee, I have nre account in india ,i m livening at aborad i want to know how much amount can i send from abroad to my nre account in one financial year. what is the limit

[@RitwikBanerjee]

There is no limit to the amount you can send in your NRE account. However if the amount is large, keep your source of income or money ready since you might get a notice from the tax dept requesting for the source of income.

[@ayushman7987]

Will explained!!! Kudos

[@atomicprism913]

Hi Ritwik I am from kuwait I'm also a student which nre account would be great

[@drsmitarajput1328]

Great information. Thanks

[@gopisharma1080]

Thanks for the valuable information Ritwik. Just one question, while sending money from NRE account to indian bank account OR sending back to foreign account from NRE account, will that amount be taxable again in those respective countries?

[@RitwikBanerjee]

No

[@tia7765]

​@@RitwikBanerjeethere is no TDS imposed of 22% something on transferring funds overseas from NRE?

[@abhinabacharyya7279]

can we transfer to NRE account via apps like "Transferwise" or "Remitly" etc. etc. and not via bank directly in abroad

[@RitwikBanerjee]

Yes you can! Its the same as transferring to any other account in India

[@Yuvaraj-ji5xf]

Nice and informative video!

[@ashutoshtalwalkar4073]

Hi Ritwik thanks for the informative video . Can you please clarify what should be done with PPF account while moving abroad ? is it possible to keep it running as it accumulates interst or it is required for a NRI to close it and move funds to NRO account ?

[@RitwikBanerjee]

Great question, you can keep your running PPF account active. You can't open a new one.

[@bunbrowny8753]

Bro how can I send money to NRE account from Binnace

[@adamsaleh2294]

Can i withdraw money in india with NRE account ?

[@ramasatyanarayan9887]

Please advise how to convert money in available in Indian currency in my NRO account to foreign currency and carry foreign currency along with me when I fly back to my work place from India. If this is not allowed can I buy foreign currency from a bank or foreign currency exchange agency.

[@tia7765]

What did you do? Please suggest I'm in same situation

[@ramasatyanarayan9887]

@@tia7765 I was told by the bank that I have to approach a CA and get necessary certificates from him in order to facilitate transfer of funds.

[@priyatibrewal6192]

Thanks Ritwik. This was a very informative video. Can you also tell us - should we use NRE account or NRO account to make SIPs in India ? And what are the implications of the same ?

[@RitwikBanerjee]

NRO account. Implication - you have to pay taxes on whatever interest you earn

[@priyatibrewal6192]

@@RitwikBanerjee what if I invest from NRE account ? In that case no taxes on the interest earned ? That should mean investing via NRE is better. Did I misunderstand?

[@motivationshortsadda]

@@RitwikBanerjee Thank you for the info.. But couple of queries 1. In NRO tax on interest earned in 30% so is it like whatever interest earned will be taxed or it has a range/slab that above that only tax will be charged.. 2.Also, do we need to file taxes in india when we are outside India.. 3.Lets say if someone has 2-3 sb accounts in India but while opening NRE only 1 account will be used..what will happen to other SB accounts.

[@koushikdas9441]

@@priyatibrewal6192 haha, it's not that easy. You can schedule SIPs from your NRE account I believe for deduction/lumpsum/conditional orders but the interest earned in India needs to be credited in NRO account so basically, it's the same. You can either park in NRE or NRO, doesn't matter. If you are redeeming the MF then it has to be credited to NRO account if you are still NRI while you are redeeming.

[@koushikdas9441]

@@motivationshortsadda 1. I have the same doubt but I think its not correct. Do your research a bit. If you have PAN linked then its 10% and while you are filing ITR then you can ask for refund. 2. Yes, you should file every year until you get citizenship in other country so that once you go back to India no one will catch you for non compliance. Well, the same doesn't go for Nirav Modi or Vijay Malya 3. As per FEMA rules, all your SB accounts needs to be converted to NRO if you are living outside India for an indefinite period and obviously if you are living outside more than 182 days

[@merajkausar1328]

Hello can we transfer from NRE Account to any of our relatives saving account in India

[@RitwikBanerjee]

Yes

[@shivabasayyahiremath6802]

Hi, thanks for the quality content I have NRE and NRO accounts, and I am expected some money from friend(staying in india) , I shared my NRO account details to him to transfer, however while he does online transfer, its asking him the source of income / reason for transfer. the options given are limited. Question here is, is it okay to receive money from others to NRO account? will there be any tax implications for me. since bank transfer was not helping, I had him send via UPI. can you share your thoughts on this?

[@tia7765]

He transferred the money to you via UPI?

[@tusharmendiratta266]

Is there an easy way to open Nre while staying here in Germany ?

[@RitwikBanerjee]

Nop

[@sachinb8469]

Can u also give info on which credit card is applicable for Nri

[@fighterjockey246]

i dont think transfer from NRE to NRO is good idea. doesnt this incur TDS ?

[@tia7765]

I don't think so pls find out

[@sirishchandra9089]

Informative video

[@kalyanibagade5328]

Thanks you for the video. It's informative. Do you have any suggestion for loan repayment in India for Students pursuing masters abroad and have taken loan?

[@ywueeee]

did you figure out a good answer for this?

[@debray9572]

Hey Ritwik, great piece of information. I have a question regarding repatrition from NRO account. I am an NRI but have not converted my savings account to NRO yet, which has about 15L INR, I want to be able to bring this money to Aus, so bank has advised me to convert this in NRO and repatriate. Now, after conversion, and after I have transferred the 15L, if some more money gets deposited in my NRO account from my wife, how will the taxation treatment be. Can I get the rest of money also repatriated, like I did the first time

[@jayd6098]

For NRO account, any amount you repatriate, Indian govt is going to withhold 30% tax even if its first time.

[@iliyas868]

And then use it on election rallies or paying up for xyz category security of some billionaire godmen, movie star or politicians!

[@tia7765]

​@@jayd6098is transferring from NRE an option to avoid taxes?

[@tia7765]

What did you end up doing?

[@DakshinaMurthyA]

explained ❤️

[@sainiranjan40]

Thank you for your valuable video, Ritwik. Your viewer from Canada 🇨🇦 Where does NRI account fit in between NRE/NRO accounts ?

[@RitwikBanerjee]

NRI account refers to the account opened by an NRI. It can either be an NRE account or an NRO account.

[@sainiranjan40]

@@RitwikBanerjee Thank you for the clarification

[@shyamuw]

Very informative.

[@chandrapandian007]

Hi I want open demat account for trading i am in out of country thats why i unable to open NRE because it is lot of procedure to open online NRE account but NRO is easily i can covert the account NRE and NRO which is best option for that

[@tusharmendiratta266]

Hey. What did you opted ? I am in same situation now. Looking for some guidance from you

[@alwayscuriousbutsad6584]

same question here

[@neelamchaturvedi5010]

Hi as 911 is in USA, is there such an emergency number in Germany?

[@RitwikBanerjee]

911 works everywhere. However : Police (calling from a German landline or cellphone) 110 Fire (calling from a German landline or cellphone) 112 Ambulance & Paramedics (calling from a German landline or cellphone) 112 Out-of-Hours Medical Care (calling from a German landline or cellphone) 116 117

[@regmatt]

what are best banks do you recommend to start an NRE ACCOUNT ?

[@RitwikBanerjee]

I personally use HDFC! No problems so far!

[@sarwarhassan2213]

@@RitwikBanerjee Sir How About Icici Is It Good

[@prernagolani9014]

Hey thx can you explain under which conditions we are.considred as NRI

[@RitwikBanerjee]

NRI = Indian Citizen who has lived in India less than 6 months in a financial year or who has stayed out of India for employment

[@samdhaliwal4609]

Can you transfer money from your nro account to your foreign account???

[@tia7765]

No unfortunately but I think it's possible with NRE

[@AdityaSingh-cm3kt]

money sent in nre account can be spent in India?

[@RitwikBanerjee]

You can spend it by sending it to your NRO account

[@AdityaSingh-cm3kt]

@@RitwikBanerjee okay

[@patiencepeak]

@@RitwikBanerjee can we transfer money from nre to other Indian saving account?

[@chiragbokadia9054]

​@@patiencepeak same question

[@drrashminsanghavi5794]

Can H1 B status person still invest in pPFaccount in india

[@RitwikBanerjee]

Only if you have an existing PPF account before becoming an NRI.

[@UmeshSharma-dx7qj]

Nice one!

[@ankurrenukavlog5272]

NRE Full form is Non Resident External not Rupee 😂

[@RitwikBanerjee]

Haha yes.. I have no idea why I told that.. Must have been a brain fade moment. But thanks for the correction.

[@Snowgoodboy]

❤️

[@navalfa7291]

The circus of Indian bureaucracy.

[@shafiqulansari9451]

bhai hindi bolna nhi ata h

[@MultiHeywatsup]

bhai itni english bol rahe itni video bana rahe, thode paise dal ke acchi jagah se bal katwa lo. Yeh kya katora cut leke ghoom rahe ho nak katwa rahe ho indians ki

[@sumitarora7437]

You yourself are confused

[@RK-vm6lh]

Hi, Can we easily transfer one bank NRO a/c to another bank NRO a/c